Loan Transfer Process

The loan balance transfer is a very rewarding feature for those who have taken a loan. Very few people are aware of the existence of this kind of a facility. It is great if every individual who has taken a loan avails of this facility at least once during the tenure of the loan. A balance transfer reduces your interest rates, thus helping you save on the interest you would have to pay. It is a great facility that lets you reassess your debt, make changes to it and modify it as per your necessities.

First of all, you will need to submit a letter to the existing lender, requesting a transfer. Based on your request, the lender will give a consent letter or a ‘No Objection Certificate’ (NOC) along with a statement mentioning the outstanding loan amount. You need to give these documents to the new lender, who will then transfer funds to the old lender for an account closure. Once this transaction is done, your property documents will be handed over to the new lender. The remaining post-dated cheques that you might have given to the old lender will be cancelled.

Admissibility for a Balance Transfer

One is typically familiar with the stringent eligibility requirements of the home loan and personal loan balance transfers.

Documents Required for Loan Balance Transfer

Applicants need to provide a set of documents to approve the home loan balance transfer, just like the documentations required for Home Loans and personal loans

Important Points

The process to shift to a new Bank takes 5-7 days and it’s easy if you have a good track and a good credit history on the Home loan.

So if you have the option- and even if the process takes 1-2 days of your work we recommend that this should be done as it will save you a lot and at least more than the 2 days of work.

If property value is less than 20 Lacs then you may avail maximum loan equivalent to 90% of the property value.

After 2-3 years, every consumer should review rates and shift to a better lender if required.

A consumer should also approach his own bank, if he feels the rates are higher as sometimes the existing bank matches the new bank rates with a nominal one-time fee in a fear of losing a good customer.

Our sole aim is to make Finzkart India's top servicing financial platform. We solve each and every aspect of user need related to a financial domain with low cost and proper guidance. We have a hard working team that takes pride in the services provided to our customers.

Contact Us

Disclaimer : Please note that the interest rates given here are based on the market research. To enable the comparisons certain set of data has been reorganized / restructured / tabulated .Users are advised to recheck the same with the individual companies / organizations. We do not take any responsibility for any sudden / uninformed changes in interest rates. We don't provide Loans on our own but ensures your information is sent to bank/agent which you have opted for. All loans are on discretion of the associated Banks/Agents. FinZkart.com aims to provide clear information about banking products and services. The information and data in the Website are generic in nature. Our efforts are to offer accurate and responsible data. We are not responsible for any sort of discrepancies. Read More >>